GEORGE Osborne is today under intense pressure from business chiefs to reverse in full his controversial tax-grab on the embattled North Sea oil and gas industry by returning the tax rate on industry profits back to where it was in 2011. GEORGE Osborne is today under intense pressure from business chiefs to reverse in full his controversial tax-grab on the embattled North Sea oil and gas industry by returning the tax rate on industry profits back to where it was in 2011.